Ten Most Expensive Michael Jackson Collectibles

This auction was canceled in a settlement between Jackson and the auction house on April 14. To learn more about the circumstances as well as the items that would have been on the block, click here.

When Julien's Auctions in Beverly Hills, Calif., kicks off its four-day sale of more than 1,000 items belonging to Michael Jackson, the most expensive lots, oddly enough, may not be the few pieces of fine art owned by the King of Pop.

Instead, memorabilia directly associated with the 50-year-old star's public career are likely to spur the most heated bidding contests and the highest prices.

There's the white spandex glove covered in Swarovski crystal sequins that Jacko wore frequently throughout the 1980s. It's stained with sweat and several threads have come loose, yet such signs of sustained contact with the star's body boost the value of this iconic piece of Jackson's wardrobe. Though the glove is estimated at $10,000 to $15,000, Julien's executive director, Martin Nolan, guesses it could fetch as much as $200,000.

Another iconic wardrobe item: a glittering, roped, red and gold military-style jacket Jackson wore to the 1984 American Music Awards. At the peak of his career, Jacko took home eight awards from that event and was repeatedly photographed in the jacket throughout the '80s. The estimate of $20,000 to $30,000 will almost surely be smashed.

True Treasures

Jackson did own a smattering of artworks, including a 10-foot-tall 1991 bronze sculpture of a bound Indian by American artist Glenna Goodacre, designer of the Sacagawea gold coin. It's estimated at $100,000 to $250,000 and may not sell for much more, says Darren Julien, chief executive of Julien's.

The Gloved One also owned some valuable vehicles, including a custom-made 1999 Rolls Royce limousine with a gold-encrusted interior designed by the pop star himself. Estimate: $140,000 to $160,000.

The 1,390 lots on auction were all once housed at Neverland Ranch, Jackson's 2,700-acre spread in the hills above Santa Barbara and the scene of alleged immoral acts for which Jackson was acquitted by a Los Angeles jury in 2005. During Jackson's trial on child molestation charges, the star stopped working and ran up millions in legal fees.

Jackson's legal and publicity representatives either did not return Forbes' calls and e-mails or declined to comment. But a June 2008 Wall Street Journal story reported that the King of Pop was carrying debts of almost $400 million.

Auction Controversy

Julien says it was in July 2008 that Jackson's then-manager, a mysterious and controversial man named Dr. Tohme Tohme, approached the auction house about a sale (Ian Halperin, author of a forthcoming unauthorized Jackson biography, says Tohme no longer works for Jackson; calls to Tohme went unreturned). Everything from the Neverland Ranch was to be sold without reserve, according to Julien, who says he spoke to Jackson on several occasions.

"He was very excited about the auction," recalls Julien. Jackson insisted that the sale be "first class," he adds. That meant touring the highlights of the sale to Dublin, Ireland, and to New York, and printing a glossy five-volume catalogue to sell for $200 a pop. (The catalogue has already sold out.)

But on the eve of the first public exhibit in March, Jackson filed a legal action to block the sale. A Los Angeles superior court ruled in favor of Julien's on April 3. Another hearing is scheduled for April 15.

Julien says he is baffled about Jackson's efforts to block the sale. "They approved the catalogue and the press release," says Julien. "To this day we have no idea what's going on," he adds.

Writer Halperin, who is also producing a documentary about Jackson, says that the performer changed his mind about the auction after announcing he would hold a series of concerts in London later this year. Tickets for the 50 shows sold out almost immediately and, according to Halperin, Jackson has already pocketed between $200 million and $300 million of the proceeds.

Jackson still owns Neverland, together with a private equity company called Colony Capital, according to Halperin and a source close to the situation. (Colony Chief Executive Tom Barrack declined to comment.) The ranch has been rechristened Sycamore Valley Ranch, the name of the property before Jackson bought it.

Jackson moved to Bahrain following his 2005 trial. He now reportedly lives in a Bel-Air mansion with 13 bathrooms and 12 fireplaces, for which he pays $100,000 a month in rent. He does not plan to return to Neverland, says Halperin.